When your home business really starts to take off, panic can quickly set in too. After all, you got into entrepreneurship because you wanted to fill a few hours while the kids were at school. You might have wanted something in the evenings to bring in a few extra bucks while your children were asleep. Maybe you were looking for something for fun, and you didn’t care about the cash at all?
Now you’re doing well – really well. It’s probably too late to put the brakes on now. You have customers to consider and all those orders to fulfill. The trouble is, you can’t do it all on your own, and you have, without a doubt, outgrown your little home office. It’s time to consider a commercial property. If you don’t know where to start, don’t panic. It’s easier than you think:
Rent or Buy
Most commercial property is rented. When you’re just starting out, you might be better off hot-desking at your local business center. For a small monthly fee, you get calls answered and messages taken. You can book a desk to suit your hours, and even schedule in some time in the conference room if you need it. Simply bring a laptop, log in to the center’s wifi, and you’re off. Sharing like this brings the cost down.
Of course, you might be selling products, not services. You’ll need at least a garage for storage. It’s probably better you make use of a secure commercial space though. If you have some capital, you might prefer to build an office and mini-warehouse on your own land. You’ll have to seek permission from your local governing body. Whether you rent or buy, you should consider researching commercial property insurance rates to ensure you can afford to cover yourself, your equipment and your stock.
You can hire agency staff for a set contract period with a set fee. But if you’re looking for reliable, motivated and long term employees, then it might be better to swallow the cost of hiring someone permanently. You’ll need to cover their pension and benefits package, as well as their salary. If you can offer a good package, you’re more likely to attract the best talent. Don’t forget – the working environment is just as important as the money.
When you’re just setting up, it’s important to clearly define the role you’re hiring for and stick with it. You will undoubtedly need some help moving things, and setting up office space. Make sure those types of duties are detailed in the job description. It’s unfair to categorize them as ‘other things.’ Finally, consider the long term future for your employee from day one. Chances are they’re in it for a career move.
Out Of Home
This is it. Are you sure you’re ready? You’ve proven yourself as an entrepreneur, but it takes on a new level of reality when you set up a workplace out of home. Juggling child care can be the toughest part of this, so reliable employees are essential if you’re needed back home. Good luck in the next phase of your venture